Pramata, the leading Commercial Relationship Operations company, today announced it will partner with ContractRoom, modern provider of a cloud-based negotiation and Predictive Agreement™, to offer the first integrated solution to combine contract lifecycle management (CLM) with commercial relationship operations (CRO). The joint solution will provide unprecedented capabilities for end-to-end contract management – from accelerating and automating the creation and maintenance of contracts to unlocking actionable intelligence buried within contracts and locked in siloed Customer Relationship Management (CRM), Contract Price Quote (CPQ) and billing systems to gain new value from commercial relationships, maximize revenue, reduce risk and drive business efficiencies. The joint offering not only creates a single system of record, but more importantly, a single source of truth.
“Pramata’s partnership with ContractRoom will offer businesses something that hasn’t existed until now; a true end-to-end solution that seamlessly cuts across the entire contract lifecycle including pre- and post-execution phases,” said Praful Saklani, Founder and CEO, Pramata. “ContractRoom’s AI-driven CLM technology for contract authoring, drafting, negotiation and workflow is a perfect complement to the Pramata CRO platform with human-assisted AI for delivering actionable intelligence on commercial relationships.”
The new partnership fills a critical void by connecting the front, middle and back ends of the contract management process. ContractRoom brings transformational focus to document authoring, assembly, approval, version control, and the management of standard contracting language, driving significant productivity benefits and insights into these functions. Pramata provides true actionable intelligence on commercial relationships, to drive both customer-focused initiatives in sales, compliance, financial analysis, and risk mitigation, and to inform and fuel the contract creation process for existing customers. The combination of these highly complementary solutions offers continuous benefits along every phase of contract and commercial relationship management.
“We’re very excited to bring to market the unique visibility and intelligence that only our combined technologies can provide,” said Emil Stefanutti, CEO of ContractRoom. “Our combined solution fuels our predictive agreement engine, helping anyone involved in the contracting process to make better decisions based on real-time context and not just content.”
The Pramata and ContractRoom joint solution will also provide companies with a stronger foundation for building agreement and maximizing relationships with both new and existing customers. CLM provides strong potential benefits when companies have a large percentage of highly standardized relationships or do most of their revenue with brand-new customers. Pramata’s CRO solution, which integrates with enterprise CRM, CPQ and billing systems, is particularly beneficial for driving control and performance in complex negotiated and high-value relationships, or when the preponderance of revenue is generated from existing relationships.